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House of Fraser could face store closures and job losses after appointing advisers to help the chain on a restructuring plan.

The department store has recruited accountancy giant KPMG as it looks to drive down costs and to advise on a restructuring strategy to help them shore up its financial performance.

However, according to the Telegraph the retailer is now weighing up whether to launch a company voluntary arrangement (CVA) in a bid to hasten its turnaround. It is understood that such a process is being considered among a range of restructuring options. A CVA is a type of insolvency procedure aimed at protecting a business from going bust by reducing its costs.